News

Nordic Capital has sold its remaining holding in Menigo

July 06 2016

Nordic Capital Fund VI ("Nordic Capital") has sold its
remaining 33 per cent ownership in Menigo Foodservice AB
("Menigo"). During Nordic Capital's ownership, Menigo has been
transformed into a strong and profitable company, leading the
development of the Swedish food service market. Nordic Capital's
final divestment is part of Sysco's acquisition of Menigo's
majority owner Brakes Group, creating the world's largest food
service group.

"During Nordic Capital's ownership, Menigo was transformed
from a loss-making division to a strong and profitable stand-alone
company with a leading role in the development of the Swedish food
service market. Menigo underwent an extensive operational
improvement program impacting many areas of its business, including
optimising the logistical set-up, expanding the private label range
and improving its customer interface. I would like to thank the
management teams of both Menigo and the Brakes Group for a
successful collaboration in taking Menigo to where the company is
today," says Peter Hansson, board member of Menigo and Senior
Advisor, NC Advisory AB, advisor to the Nordic Capital
Funds.

"Over the last decade, Menigo has been on a journey where
we have grown, developed our offering and increased profitability.
Both Nordic Capital and Brakes are pleased with our development and
now we are ready to take the next step together with Sysco as a new
owner who has long experience in the industry," says Jonas Köhler,
CEO of Menigo.

"It has been exiting being part of Menigo's development
for almost a decade.Menigo is now stronger than ever
with industry-leading margins and will soon be part of the world's
largest food service group,"says Jörgen Johansson,
Chairman of Menigo"

After Nordic Capital's acquisition of the division ICA
Meny from the ICA Group in 2006, Menigo was rebranded as a
stand-alone company and a leading company within the Swedish food
service industry. Menigo's transformation included investments in
operational improvement not least in new distribution hubs and a
new IT system. Today, Menigo operates from seven warehouse
locations in Sweden, serving 15,000 customers with daily deliveries
of frozen and chilled foods, fresh meat, fruit and
vegetables.

In February 2010, Nordic Capital sold a majority stake in
Menigo to the Brakes Group, one of Europe's leading suppliers of
food, drinks and catering equipment to the food service sector,
which became the new principal owner of Menigo while Nordic Capital
retained 33 per cent ownership in Menigo. Menigo has continued to
operate as an independent company in the Swedish market while
benefiting from being a part of a larger group.

Nordic Capital's current divestment is part of Sysco's
acquisition of Brakes Group that was announced on February 22 and
closed on July 5, 2016.

Menigo is a full service wholesaler for restaurants, caterers
and convenience stores in Sweden. As one of the leading suppliers
in Sweden, Menigo offers its customers a broad range of food,
beverages and restaurant equipment. Menigo is a fresh produce
specialist and a full service wholesaler - with Menigo, the
customer gets both. The annual turnover is SEK 5.5 billion and the
company has about 1,000 employees. Menigo operates all over the
country with a presence in all the metropolitan areas, and
throughout the north of the country. Customers include high end
restaurants as well as institutional caterers. The convenience
store concepts "Time" and "Nära Dej" offer service retailers modern
concepts with profitable ranges of products and a high level of
service.

About Nordic Capital Private Equity Funds

Nordic Capital private equity funds have invested in mid-market
companies primarily in the Nordic region since 1989. Through
committed ownership and by targeting strategic development and
operational improvements, Nordic Capital enables value creation in
its investments. Nordic Capital Funds invest in companies in
northern Europe and in selected investment opportunities
internationally. The most recent fund is Nordic Capital Fund
VIII with EUR 3.5 billion in committed capital, principally
provided by international institutional investors such as pension
funds. Nordic Capital Funds are based in Jersey, Channel Islands,
and are advised by the NC Advisory companies in Sweden, Denmark,
Finland, Norway, Germany and the UK. For further information about
Nordic Capital please see www.nordiccapital.com